As seen in Accounting Today:In a press briefing yesterday morning, Treasury Secretary Steven Mnuchin said that individual taxpayers who owe up to a million dollars in federal taxes can defer paying until July 15, while corporations can defer up to $10 million. No specific mention was made of changing the filing deadline.
“This is disappointing,” said Neil H. Fishman, CPA, CFE, FCPA, CAMS, president of the National Conference of CPA Practitioners. “From everything that was coming out, we expected they were going to grant a filing extension. But they’re not granting a filing extension – they’re granting a payment extension.”
Read the full Accounting Today article and learn the reasoning behind Neil's disappointment:
https://www.accountingtoday.com/news/tax-payments-deferred-until-july-15